While many retailers are opting to shutter brick-and-mortar locations, one company is looking to scoop up a piece of prime real estate in an expensive New York shopping district.
Lululemon Athletica is in advanced talks for a one-year lease for a "pop-up" store on Manhattan's Fifth Avenue, which was vacated by beauty supplier Sephora in March, a source told CNBC.
The news had first been reported by Bloomberg.
The activewear maker is considering taking 8,000 square feet of retail space in the Charles Scribner's Sons Building at 597 Fifth Avenue, which sits across the street from Rockefeller Center, Bloomberg reported.
The building was sold to Thor Equities in 2011.
Representatives from Lululemon and Thor Equities weren't immediately available to comment.